Question: Recording Sales Transactions Presented below is information from Lopez Computers Incorporated. July 1 Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez

Recording Sales Transactions Presented below is information from Lopez Computers Incorporated. July 1 Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross method to record cash discounts. 10 Lopez received payment from Smallwood for the full amount owed from the July transactions. 17 Sold $250,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Lopez for its purchase of July 17. Prepare the necessary journal entries for Lopez Computers.

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